After years of price hikes and widespread customer frustration, major Las Vegas casino operators are publicly acknowledging that escalating costs have damaged the city’s reputation for value. In a recent earnings call, MGM Resorts International President and CEO Bill Hornbuckle admitted that the company had gone too far with pricing, citing examples like a $26 bottle of water and $12 coffee at Excalibur, and noting that such prices are incompatible with the expectations of budget-conscious guests.
Hornbuckle stated that MGM has since adjusted prices, especially at its more affordable properties, including Excalibur, Luxor, and New York-New York. He conceded, “We lost control of the narrative over the summer,” referring to customer backlash over perceived price gouging. Now, he says, the company has initiated “price corrections” across its operations.
This shift comes as Las Vegas faces a sustained decline in visitation. According to the Las Vegas Convention and Visitors Authority, September marked the ninth consecutive month of year-over-year declines, with total visitors down 7.8 percent for the year through September. Both MGM Resorts and Caesars Entertainment, the Strip’s two largest operators, have reported year-over-year revenue decreases each quarter in 2025.
Caesars Entertainment CEO Tom Reeg also addressed the issue, acknowledging that some areas of the business had “gotten over their skis pricing-wise,” but argued that Las Vegas still offers strong value compared to other destinations.
Other casino leaders, including those from downtown properties and the off-Strip Rio, have echoed concerns about pricing, warning that it risks alienating customers. Some operators have responded by eliminating parking and resort fees, offering special promotions for locals, and creating new value-focused packages.
September saw the launch of Las Vegas’s first-ever citywide sale, which resulted in a surge of bookings and was deemed a success by both the Las Vegas Convention and Visitors Authority and casino executives. Hornbuckle concluded that such efforts reflect a renewed commitment to value, saying, “We understand value, we understand Las Vegas. And we’ll always be that. We’ll always need to be that.”